On 25 July 2007, the then Defence Secretary Des Browne, announced the order for two new carriers.[12] At the time of approval the first carrier was expected to enter service in July 2015 and the budget was £4,085m for two ships.[13] The financial crisis led to a political decision in December 2008 to slow production, delaying Queen Elizabeth until May 2016. This decision alone added £1,560m to the cost.[13] By March 2010 the budget was estimated at £5,900m[13] and in November 2013 the contract was renegotiated with a budget of £6,200m.[14] The in-service date was further extended to 2020 in the Strategic Defence and Security Review in October 2010.[15]

Construction of Queen Elizabeth began in 2009. Her assembly is taking place in the Firth of Forth at Rosyth Dockyard from nine blocks built in six UK shipyards: BAE Systems Surface Ships in Glasgow, Babcock at Appledore, Babcock at Rosyth, A&P Tyne in Hebburn, BAE at Portsmouth and Cammell Laird (flight decks) at Birkenhead.[16][17] Two of the lower main blocks, together weighing more than 6,000 tonnes and forming part of the base of the ship, were assembled and joined into one piece on 30 June 2011.[18] On 16 August 2011, the 8,000-tonne Lower Block 03 of Queen Elizabeth left BAE Systems Surface Ships' Govan shipyard in Glasgow on a large ocean-going barge. Travelling 600 miles (970 km) around the northern coast of Scotland, the block arrived at Rosyth on the evening of 20 August 2011.[19] On 28 October 2012, an 11,000-tonne section of the carrier began a lengthy journey around the south coast of England (to avoid bad weather) from the shipbuilding hall at Govan, to the Rosyth dockyard; it arrived on 21 November.[20] Her forward island was built at BAE Portsmouth and attached on 14 March 2013; the aft island was attached in June 2013. The ski jump was added in November 2013,[8] leaving just the elevators and radar to be lifted into place.[8] As of September 2013[update], Queen Elizabeth was 80% complete internally.[9]

Queen Elizabeth was named at Rosyth on 4 July 2014, by Elizabeth II, who said that the warship "marks a new phase in our naval history". Instead of smashing the traditional bottle of champagne on the hull, she smashed a bottle of whisky from the Bowmore distillery on the Scottish island of Islay.

Fitting out will take until the end of 2015[22] and the crew will move aboard in May 2016[8] ahead of sea trials beginning in August 2016[22] and delivery in May 2017.[22] Flight trials with helicopters will begin in 2017 and F-35B flight trials towards the end of 2018.[22] An "operational military capability" will be declared in 2020.[23]

The two members of the Queen Elizabeth class (the other being HMS Prince of Wales) are each expected to be capable of carrying forty aircraft, a maximum of thirty-six F-35s and four helicopters.[24] The 2010 SDSR anticipated the routine deployment of twelve F-35Bs, but a typical warload will be 24 F-35Bs and some helicopters.[9] These could be a Maritime Force Protection package of nine anti-submarine Merlin HM2 and five Merlin Crowsnest for airborne early warning; alternatively a Littoral Manoeuvre package could include a mix of RAF Chinooks, Army Apaches, Merlin HC4 and Wildcat HM2.[9] As of September 2013[update] six landing spots are planned, but the deck could be marked out for the operation of ten medium helicopters at once, allowing the lift of a company of 250 troops.[9] The hangars are designed for CH-47 Chinook operations without blade folding and the V-22 Osprey tiltrotor, whilst the aircraft lifts can accommodate two Chinooks with unfolded blades.[25]

Incorporated into the first two blocks is a sophisticated handling and deployment system for air weapons, with the aim of achieving a sortie generation rate which is about six times faster than any previous Royal Navy aircraft carrier. The system requires only 50 people and could be operated with as few as 12 in an emergency; it is estimated that 160 would be needed to produce the same efficiency with conventional equipment. The system moves munitions on pallets by means of remotely controlled electric vehicles and lifts.[26]